Employee Owner Status (Consultation)

Jo Swinson Excerpts

Thursday 18th October 2012 Written Statements

[The Parliamentary Under-Secretary of State for Business, Innovation and Skills (Jo Swinson)]

My right hon. Friend the Chancellor announced on 8 October the creation of a new employment status of “employee owner”.

Today I am launching a consultation on how the Government will establish this new employment status. This coincides with introduction of the Growth and Infrastructure Bill.

Under the new employment status, employee owners will have a different set of employment rights and they will be given shares in the company of between £2,000 and £50,000. Any increase in value of these shares will not be subject to capital gains tax.

The consultation ends on 8 November, copies will be available on the BIS website and in the Libraries of both Houses.